CONCEPTUALIZATION OF THE ROLE OF BLOCKCHAIN TECHNOLOGY IN THE TRANSFORMATION OF FINANCIAL RELATIONS

Анотація

Introduction. Modern financial relations often take place not in branches of banking institutions, but online, through the use of mobile banking applications. These applications are based on the application of many revolutionary technologies: from artificial intelligence algorithms to blockchain. Therefore, it is necessary to conceptualize the role of blockchain technology in the transformation of financial relations. The purpose of the article is to analyze the role of blockchain technology in the transformation of financial relations and develop our own recommendations for integrating blockchain into the financial sector of Ukraine. Results. The dynamics of changes in the number of blockchain wallet users for the period 2012–2022 are analyzed. The problems of integrating blockchain technology into financial relations are described. The main advantage of blockchain technology over traditional financial instruments is justified. The state of blockchain technology in the Ukrainian financial system is determined. Conclusions. The role of blockchain technology in the transformation of financial relations as a tool for financial inclusion, decentralization of financial activity and the fight against social inequality is determined. The prospects for further research are to analyze the role of blockchain technologies in the financial system as a whole and its individual links.

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